Textual Amendments
F1Pt. A1 inserted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), ss. 1(1), 49(1) (with ss. 2(2), 5(2))
Modifications etc. (not altering text)
C1Pt. A1 excluded by S.I. 2012/3013, Sch. 1 para. 1(2A) (as inserted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 3 para. 49(4) (with ss. 2(2), 5(2)))
C2Pt. A1 power to apply (with modifications) conferred by 2011 c. 25, s. 247A (as inserted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 3 para. 45 (with ss. 2(2), 5(2)))
C3Pt. A1 applied (with modifications) by S.I. 2014/229, art. 2(A1), Sch. 1 para. 1(2), Pt. 1A (as inserted (18.7.2020) by The Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) (Amendment) and Consequential Amendments Order 2020 (S.I. 2020/744), arts. 1, 7(b), 11(b)(c))
C4Pt. A1 applied (with modifications) (E.W.S.) (3.9.2020) by The Insolvency (Moratorium) (Special Administration for Energy Licensees) Regulations 2020 (S.I. 2020/943), regs. 1(2), 2-10
(1)A creditor or member of a company may apply to the court for an order under this section on the ground that—
(a)during a moratorium, the company’s affairs, business and property are being or have been managed by the directors in a manner which has unfairly harmed the interests of its creditors or members generally or of some part of its creditors or members (including at least the applicant), or
(b)any actual or proposed act or omission of the directors during a moratorium causes or would cause such harm.
(2)An application under subsection (1) may be made during the moratorium or after it has ended.
(3)On an application under subsection (1) the court may make such order as it thinks fit.
(4)An order under subsection (3) may in particular—
(a)regulate the management by the directors of the company’s affairs, business and property during the remainder of the moratorium,
(b)require the directors to refrain from doing or continuing an act complained of by the applicant or to do an act which the applicant has complained they have omitted to do,
(c)require a decision of the company’s creditors to be sought (using a qualifying decision procedure) on such matters as the court may direct, or
(d)bring the moratorium to an end and make such consequential provision as the court thinks fit.
(5)In making an order under subsection (3) the court must have regard to the need to safeguard the interests of persons who have dealt with the company in good faith and for value.
(6)See also section A17 (obligations to notify change in end of moratorium).]